Southern Copper Postpones Bond Plans

Southern Copper Corporation has cancelled plans to raise funds in the international bond market following a ruling by the Supreme Court of Delaware which affirms a 2011 judgment requiring the company’s controlling shareholder, Grupo Mexico, to pay its subsidiary a substantial amount in shares or cash. “In light of this decision, Southern Copper is postponing its roadshow and will re-evaluate accessing the debt capital markets once the consequences of the decision are known,” the company says in a statement to investors. The Baa2/BBB/BBB rated unit of the Mexican miner and railroad operator had planned to issue SEC-registered bonds following a three-continent roadshow with Credit Suisse, HSBC and Morgan Stanley.